Answers - Real Estate

I went to a tax sale yesterday in an out of the way rural municipality in New Jersey. Unlike most of the tax sales in New Jersey this sale was poorly attended. New Jersey is a very competitive state for tax lien investing so this was a

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

n uncommon event.

Most serious bidders arrive an hour before the sale starts. At first, I was pleased to see, with less than an hour to go before the sale, that there was only one other bidder there. Then I did my research on the prop

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

erties that were left in the sale and I discovered why other investors didn’t bother with this sale. Out of the thirteen properties that were left in the sale, there was only one decent property. All of the other properties were vacant

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

land and when I looked on the tax maps and checked with the zoning department (this is why I arrive at the sale an hour early) I found out that none of these properties were build-able lots. Most of them were land locked and none of t

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

em were large enough to build on, even though one parcel was a three-acre lot.

Since the other bidder there was a professional bidding for an institutional investor, I decided not to bid on any of the properties in the sale. I knew th

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

at if I bid on the one property that had a house on it, the professional bidder would bid high premium for it, so I decided not to bid him down and not to bid on any of the other properties since they wouldn’t be profitable. I stayed a

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

round to see what would happen at the sale.

About fifteen minutes before the sale three other bidders arrived. These investors were new to tax lien sales and did not really know anything about them. They asked the tax collector a few

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

uestions before the sale and indicated that they really weren’t there to bid but intended to watch since this was their first sale. When the sale began the tax collector let us know which properties had prior liens. Four of the undesir

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

able properties had prior liens. I was not surprised and this just confirmed my suspicions that these properties were not worth bidding on. If they were, then the prior lien holder would have been there to bid on them, or would have pa

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

id the subsequent taxes and prevented them from being included in the tax sale.

The tax collector announced the first property, and seeing that no one was bidding on it, one of the inexperienced bidders could not resist. He bid 18% an

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

was awarded the lien (this was the 3 acre landlocked and undersized lot – you need 5 acres to build here). The next three properties were struck off to the township at 18%. The next property was the only one with a house on it and tha

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

t went to the institutional buyer at 18%. There were eight properties left. Another one went to the township. The temptation to bid and get a get a lien at 18% was too great for the other two new investors; they bought three liens each

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

, each one at 18% interest. Fortunately for them, they were very small liens.

After the sale, I explained to them that they should check the zoning on properties before they bid on them. The tax collector does not tell you before the

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

property is sold if it is unusable property and that is why the owner did not pay the tax. The tax collector only has to convey that industrial properties may be subject to the Environmental Clean Up Act, the Spill Compensation and Con

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

rol Act, or the Water Pollution Control Act. And this is usually done in fine print; on the notice of the sale and the bidder information sheet.

When it come to buying tax liens, and this goes for other states as well as New Jersey, i

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

t’s “buyer beware.” As the investor, it is your responsibility to make sure that the property that you are purchasing a tax lien certificate on is a valuable piece of property. Even in states like New Jersey, where real estate is at a

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

premium and has increased in value tremendously over the last five years, there are still tax parcels that are worthless. In many areas of the state, municipalities have been steadily increasing the zoning requirements for all types of

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

properties. In many rural areas you need a few acres in order to build a house.

I know that many of you are under the false assumption that if you are a holder of a tax lien certificate; you are guaranteed to get paid. This is not tru

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

e; it is a misrepresentation that is fostered by real estate infomercials and high priced seminars. The truth is that no one guarantees that you will be paid. You are first in line to get paid, but there are circumstances in which you

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

might not get paid. You do have the right to foreclose on the property if you don’t get paid within the redemption period, but what if the property is worthless? Than you have a worthless piece of property that you have to pay taxes on

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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